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Debt - FSA gives parents' advice - 19/02/2008

  
 
  Potentially debt-reducing guidance on personal finance has been given to new parents by the Financial Services Authority (FSA).

The Parent's Guide to Money (PGM), released today by the regulator, advises on how to stick to a budget and deal with new childcare costs.

Many young mothers and fathers can run up debts while buying for their child, underestimating how much care can cost.

A total of 1,500 guides were distributed by the FSA to prospective parents in a trial scheme, which proved a success.

Reporting on the pilot, an FSA report stated: "The PGM was well received by all and considered to be a new and helpful means of providing those about to embark on starting a family with all the important financial information they would need.

"Findings suggest that the PGM has a positive impact on understanding financial matters and encouraging prospective parents to take positive action to prepare themselves financially."
 
     
 
 
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